Staying up after all the bars had closed in Santa Monica, Sir Lucian Grainge commandeered the gong mallet to announce Universal Music Group’s first day of trading on the Euronext. Universal brass joining the early morning celebration are, from left, EVP/Controller Philippe Flageul; EVP/Digital Strategy Michael Nash; General Counsel and EVP of Business and Legal Affairs Jeff Harleston; EVP/CFO and President of Operations Boyd Muir; Chairman & CEO Grainge; UMPG Chairman & CEO Jody Gerson; EVP, Chief People and Inclusion Officer, Eric Hutcherson; and EVP/Chief Administrative Officer Will Tanous.

Photo Credit: Lester Cohen

Universal Music Group's stock closed at €25.10 ($29.45) on its first day of trading Tuesday, 38% over its starting price, giving it a market cap of €46.636b ($54.68b).

UMG's stock raced faster than a speeding bullet in its first hour of trading on the Euronext market, surging more than 30% above its opening price of €18.5. Its opening market valuation was €33.5b ($39.31b).

For most of the day, UMG traded around €25 as more than 50,000 transactions were completed. The day's high was €26.45.

Said Chairman & CEO Sir Lucian Grainge prior to hitting the gong: Today’s listing marks an exciting milestone in UMG’s storied history, reflecting our position as the world’s leading music-based entertainment company and our deep commitment to our amazing artists, songwriters and partners. We offer our thanks to the team at Euronext Amsterdam for their work on this listing and look forward to a great partnership together.”

The spinoff from Vivendi leaves the French conglom with 10.13% of UMG.

On Wednesday, the stock dipped to €24.50 in afternoon trading.